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HomeMy WebLinkAbout88699304017038 BOOK PAGE 8'; 8 MORTGAGE MATTHEW L. TIBBITTS, a single man, of P.O. Box 8795, Jackson, Wyoming 83002, Mortgagor, hereby mortgages to SCOTT W. KERBY and MARY KERBY, husband and wife, of 1235 Lariat Drive, Helena, Montana 59604, Mortgagees, for the sum of Twenty-Six Thousand Two Hundred Fifty Dollars ($26,250.00), the following described real estate situate in the County of Lincoln, State of Wyoming, hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, to-wit: Lot 7 in Leon Livingston Subdivision, in Township 37 North, Range 118 West, 6th P.M., Lincoln County, Wyoming, as shown on the plat of said subdivision recorded in the land record of Lincoln County, Wyoming. This Mortgage is given to secure the following indebtedness: Promissory Note from Matthew L. Tibbitts to Scott W. Kerby and Mary Kerby, dated January 10 , 20 03 , in the amount of Twenty-Six Thousand Two Hundred Fifty Dollars ($26,~0.00). The Mortgagor agrees to keep any building hereafter erected on the premises fully insured against loss by fire, flood, and other hazards and risks reasonably associated with the premises due to its type and location. The insurance carrier providing the insurance shall be approved by the Mortgagees, with loss, if any, payable to Mortgagees during the life of this Mortgage. The Mortgagor also agrees to pay all taxes and assessments on said premises, and any taxes assessed by reason of this Mortgage or the indebtedness secured thereby. If all or any part of the property or any interest therein is sold, leased for more that three years to any one party, or transferred by any means by the Mortgagor without the Mortgagees' prior written consent, excluding the creation of a lien or encumbrance subordinate to this MORTGAGE TIBBITTS / KERBY PAGE 1 OF 3 8.39 Mortgage or a transfer by devise, descent or by operation of law upon the death of a joint tenant, or a transfer to a trust of Mortgagor, Mortgagees may, at Mortgagees' option, declare all of the sums secured by this Mortgage to be immediately due and payable. If Mortgagor defaults in the payment of the indebtedness, or in the payment of any installment thereof, or if he defaults in any of the covenants or agreements hereof, then, at Mortgagees' option, the whole indebtedness shall become due and payable forthwith, and Mortgagees may foreclose this Mortgage either by advertisement and sale of the premises as provided by statute, or by action in equity. Out of the proceeds of any foreclosure sale, Mortgagees shall retain or receive all sums due hereunder, and the costs of the foreclosure sale, including reasonable attorney's fees, the same to be taxed as costs in any equitable action brought to foreclose this Mortgage. To fully assure the Mortgagees the benefit of the security interest in the premises granted herein, Mortgagor hereby assigns to Mortgagees all rents and profits hereafter payable for use and occupancy of the premises, said assignment to only take effect in the event of an uncured default. If default occurs in any of the covenants and agreements herein contained, whether or not Mortgagees elect to foreclose on this Mortgage on account thereof, Mortgagees shall at once be entitled, and are hereby authorized, to collect the rents and profits from the premises and to apply the same to the payment of the indebtedness until such default is remedied. In the event of foreclosure of this Mortgage upon default, Mortgagees shall be entitled to possession and enjoyment of the premises, and the incident rents and profits thereof, from the time of such default and for and during the pendency of the foreclosure proceedings and the period of rede~nption, if any. If Mortgagor should fail to surrender such possession to MORTGAGE TIBBITTS / KERBY PAGE 2 OF 3 0~~ 8:40 Mortgagees promptly upon request, Mortgagees may compel delivery thereof by an ejectment action or other appropriate civil proceeding. In addition to the remedies otherwise provided in this Mortgage and by law, and as a matter o£ right, without regard to the solvency or insolvency of the Mortgagor, the value of the premises, or the sufficiency thereof to discharge the indebtedness and the costs of the foreclosure and sale, Mortgagees shall be entitled to the appointment of a receiver by any competent court. The receiver is hereby authorized to rent the premises and apply the proceeds to this obligation. Such receiver may be appointed upon ex parte application, without notice, such notice being waived, and the appointment of a receiver upon such application being hereby consented to by Mortgagor. WITNESS my hand this I L( day of,_i'VAA,,x.. , 20 ~ 3 M~'~I~i~'~ L. TmBITTS STATE OF WYOMING ) ) SS. COUNTY OF TETON ) ,,.JA~C~OWLEDGED before me by MATTHEW L. TIBBITTS this .~{J 20 6Lb . WITNESS my hand and official seal. My Commission expires: MORTGAGE TIBBITTS / KERBY PAGE 3 OF 3 day of